AUD / USD
Yesterday, the Australian dollar at the moment fell by 26 points, but closed the day with a slight plus and today in the Asian session, it is growing by 15 points, which is somewhat strange after yesterday's oil collapse by more than 4%. But, on the other hand, the market for iron ore and non-ferrous metals is growing, which indirectly indicates a steady demand from the industry and, accordingly, gives hope for the recovery of stock markets. From this point of view, the "Australian" can still grow a little, until the American dollar, together with the stock market, starts a more noticeable strengthening.
Formally, the AUD / USD growth may last until the resistance of the Kruzenshtern trend line at 0.7150 on the daily chart. But this can be hindered by the internal bearish forces of the market, shown by the Marlin oscillator, which are still in the zone of decreasing trend both on the daily chart and on the four-hour chart. Turning the indicator down can occur from the zero line on both scales simultaneously, which will amplify the signal.
As a result, we do not expect any strong correction of the "Australian". We are waiting for the departure of the price under the signal level of 0.7078, on which the trend line of the daily timeframe and the Kruzenshtern line on H4 are located, after which the decline to support the next embedded price channel line by 0.7022 is likely.
The material has been provided by InstaForex Company -
www.instaforex.com